September 20, 2016 Front Office Committee - Meeting Agenda

Meeting Agenda

  • FINRA Updates 
    • Limit-Up/Limit-Down
      • Aug 19, 2016:  SR-FINRA-2016-034 - FINRA granted an extension by which firms must be compliant with the amendments to Rule 6121.01.  Firms currently have until October 24, 2016 to implement the amendments to FINRA Rule 6121.01.
        • FIF submitted the following comment letter  requesting an extension to the amendments to FINRA Rule 6121.01.
      • FINRA Rule 2232
        • Aug 12, 2016: SR-FINRA-2016-032 - Proposed Rule Change Relating to FINRA Rule 2232 (Customer Confirmations) to Require Members to Disclose Additional Pricing Information on Retail Customer Confirmations Relating to Transactions in Fixed Income Securities.
          • FIF submitted a comment letter on the proposed rule changes to FINRA Rule 2232 on Friday, Sept 9, 2016.
      • OATS
        • September 12, 2016:  OATS Reporting Technical Specifications - This edition includes updated Destination Codes for two options exchanges and additional updates to the OATS Reporting Technical Specifications dated June 10, 2016 specific to FINRA Rule 4554 – Alternative Trading Systems.
      • ADF
        • August 24, 2016: Reg Notice 16-33 - FINRA Adopts Amendments Relating to Use of the Alternative Display Facility for Trade Reporting Purposes Only.
          • Effective Date:  Sept 12, 2016
  • FIF Working Group Updates - Join Working Group
    • Consolidated Audit Trail (CAT)
      • Jul 18, 2016: Draft: FIF CAT Comment Letter
      • Jul 18, 2016:  Comments on NMS Plan - Repository of CAT Comment Letters
      • Next Meeting:  September 21, 2016 @3:00 PM ET.
    • Tick Size Pilot
      • Sept 7, 2016 - Links related to testing and implementation of the Tick Size Pilot is available here.
      • August 26, 2016 - SR-FINRA-2016-035 - Proposed Rule Change to Amend FINRA Rule 6191 Relating to the Data Collection Requirements of the Regulation NMS Plan to Implement A Tick Size Pilot Program
      • August 26, 2016 - Trade Reporting Notice 08/26/2016 - Effective Monday, October 3, 2016, firms are required to use the existing Intermarket Sweep Order (ISO) trade reporting modifier when reporting trades to a FINRA facility that qualify for the ISO exception to the Trade-at prohibition under the plan to implement a tick size pilot program.
      • Jul 15, 2016:  NYSE Published Tick Size Pilot Tech Specs
        • CCG FIX Spec
        • Binary CCG
        • UGW FIX
        • UGW Binary
      • Jul 19, 2016: ETU 2016-8 - The Nasdaq Stock Market, Nasdaq BX and Nasdaq PSX have posted updated specifications to support the Tick Size Pilot.
      • Jul 12, 2016:Tick Size Pilot Testing Opportunities
      • Jul 2016:Tick Size Pilot Firm Review Files - Tick Size Pilot Statistics to be published Aug 30.  
      • Jun 30, 2016:  Trading and Quoting FAQs - Updated FAQs for Tick Size Pilot-Updated Version Includes Examples of Trade-At Block Size Exceptions.
      • Jun 10, 2016: FINRA FAQ-Statistics and Reporting - FINRA FAQs related to Calculation of Tick Size Pilot Statistics and Reporting.
      • FINRA Tick Size Pilot information available here.
      • Buy-Side Tick Size Pilot Guide available here.
    • Rule 600/606 - Disclosure of Order Handling Working Group
      • FIF has formed an ad hoc working group to discuss concerns related to proposed rule from the SEC affecting the Disclosure of Order Handling Information.  Meetings will be held each Monday and Wednesday until FIF submits a comment letter on Monday, September 26.
        • Next Meeting Date:  Sept 21 at 1:00 PM.
    • Market Data Technology 
      • Next Meeting Date: Wednesday September 21 at 10:30 AM(ET)
  • FIF Retail Execution Quality Statistics
  • FIF Regulatory Initiatives Tracking Site - (Requires FIF Website Login)
  • FIF Monthly Reports 
    • Market Share Report
    • Market Dynamics Report
    • Market Share Executive Summary
    • Market Dynamics Executive Summary
  • Additional Updates - Equities
    • Sept 15, 2016:  NYSE Trader Update - Elimination of Buy Minus and Sell Plus Order Instructions.
    • Sept 14, 2016: NYSE Arca Trader Update - NYSE Arca has implemented enhanced procedures to ensure the presence of Limit Up/Limit Down price bands immediately after the opening and upon resumption of trading after a halt.
    • Sept 12, 2016:  SR-BX-2016-048 -  Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 4770.
    • Sept 12, 2016:  SR-CHX-2016-17 - Self Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Article 20, Rule 13(b) to Modify Certain Data Collection Requirements of the Regulation NMS Plan to Implement a Tick Size Pilot Program.
    • Sept 9, 2016:  ETA 2016-221 - The Nasdaq Stock Market ("Nasdaq") published a list identifying the final Test Group assignment for each security eligible for the Tick Size Pilot.
    • Sept 7, 2016:  SR-NYSEMKT-87 - The purpose of the filing is to amend Rule 903 and Rule 900.2NY(50), so as to allow the listing and trading of options with Wednesday expirations.
    • Sept 7, 2016:  SR-NASDAQ-2016-126 - Proposal to adopt paragraph (d) and Commentary .12 to Exchange Rule 4770 to describe changes to System functionality necessary to implement the Regulation NMS Plan to Implement a Tick Size Pilot Program and to clarify rule language.
    • Sept 6, 2016:  ETA 2016-210 - In accordance with the Tick Size Pilot Plan, the Operating Committee is announcing key steps and dates associated with the roll-out of the Plan scheduled to begin on October 3, 2016.
    • Aug 25, 2016:  SR-CHX-2016-15 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Modify the Handling of Intermarket Sweep Orders.
    • Aug 29, 2016: SR-NASDAQ-2016-123 - Proposal to amend Rule 4770 to modify certain data collection requirements of the Regulation NMS Plan to Implement a Tick Size Pilot Program.
  • Additional Updates - Options
    • Sept 12, 2016: Miax Options Alert - The MIAX Options Exchange is modifying the BCP Testing Requirements per the SIFMA 2016 industry guidelines.
    • Sept 1, 2016:  OTA 2016-27 - BX Options update to SPY Pricing and Tiers, effective Sept 1, 2016.
    • Aug 16, 2016:  ORA 2016-27 - NASDAQ announces Reg SCI/BC/DR testing dates
  • Next Meeting Date:  Tuesday, Oct 18, 2016 @ 4:00 PM ET.